A steel wire of pearlite structure containing 0.8-1.0 mass % of C and 0.8-1.5 mass % of Si is disclosed. In the cross section of the steel wire the difference in average hardness between a region up to 100 .mu.m from the surface thereof and a deeper region is within 50 in micro-Vickers hardness. The steel wire is manufactured by working a wire rod having the abovementioned chemical composition through shaving, patenting and drawing processes, then strain-relief annealing the resultant wire, and thereafter subjecting the thus annealed to a shot peening process. The steel wire has a high heat resistance and a high fatigue strength, and can be produced through a drawing process without applying a quenching and tempering process.